On July 24th, the US Securities and Exchange Commission announced a delay in the decision to approve or disapprove the Bitcoin ETF decision to September 21st. The decision was a disappointment from cryptos that had already suffered from a decision regarding A similar suggestion from VanEck.

Why are Exchange Traded Funds so significant? Basically, ETF’s open the gates for mainstream traders, investors, and speculators to dive into the world of cryptos. By investing in an ETF, the managers of that ETF would need to buy the underlying asset, thus Bitcoin.

The previous high-profile ETF request came from ProShares, but it was entirely different in its nature. In ProShare’s case, the underlying asset was Bitcoin futures, not Bitcoin itself. The impact will, therefore, be quite different in Direxion’s case.

Here are three scenarios for the decision and the reactions.

1) Approval

A first break of the Crypto ETF glass ceiling would be great news for cryptocurrencies, and their prices would rise. Bitcoin would be the primary beneficiary as the ETF is directly tied to it and not to others. Bitcoin is enjoying upside momentum against the Altcoins for some time, and this would only strengthen the trend.

Ethereum, Ripple, and others would also be carried away. Money flowing into Bitcoin could perpetuate other cryptocurrencies. Some of the funds entering Bitcoin will push old money out, and this old money may look for the next growth opportunities. Also, speculation about the next Crypto ETF will begin arising. If Bitcoin can get an ETF, which one will be next?

2) Delay

A delay has hurt cryptocurrencies many times in the recent past. The reaction would be no different, but the drop may be somewhat muted as this ETF request has already suffered a delay. A postponement of this decision could come along one for the VanEck decision on September 30th. It is hard to see the SEC delay one decision and not do the same for the other one.